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Nathans, Bridgecorp directors charged over documents

Tuesday 23rd December 2008

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The Securities Commission has laid charges against directors of Nathans Finance and the remaining directors of Bridgecorp over misleading documents.

The commission, which has been looking into all of the nation's failed finance companies, said it is coincidence that the two sets of charges were announced at the same time, shortly before Christmas.

Criminal and civil charges were laid against Nathans Finance directors John Hotchin, Donald Young and Kenneth Moses. Nathan's went into receivership in August last year owning about NZ$174 million to 7,000 investors and receivers expect to recover less than 10% of the funds, according to a statement from the commission.

Charges were separately laid against Bridgecorp chairman Bruce Davidson and non-executive directors Gary Unwin and Peter Steigrad. Bridgecorp went under in July last year owing about NZ$459 million to 14,300 debenture holders, with an estimated recovery rate of between 13% and 44%. The commission has already laid charges against Bridgecorp executive directors Rod Petricevic and Robert Roest.

The Serious Fraud Office is continuing investigations into Bridgecorp, it said.

By Jonathan Underhill

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